Common use of ABANDONMENT AND SURRENDER OF PROPERTIES Clause in Contracts

ABANDONMENT AND SURRENDER OF PROPERTIES. The Member that desires to abandon or surrender all or part of the Properties pursuant to Section 12.2 of the LLC Agreement shall remain liable to the other Member for its share (determined by its Ownership Interest as of the date of such abandonment, after first taking into account any reduction, readjustment, and restoration of Ownership Interests under Sections 4.4, 10.5, 10.6 and 11.5 of the LLC Agreement) of any liability with respect to such Properties, including, without limitation, Continuing Obligations, Environmental Liabilities and Environmental Compliance, whether accruing before or after such abandonment, arising from activities before the Effective Date and from Operations conducted before the date of such abandonment, regardless of when any funds may be expended to satisfy such liability.

ABANDONMENT AND SURRENDER OF PROPERTIES. The A Member that desires to abandon or surrender all or part of the Properties pursuant to Section 12.2 of the LLC Agreement shall remain liable to the other Member for its share (determined by its Ownership Interest as of the date of such abandonment, after first taking into account any reduction, readjustment, and restoration of Ownership Interests under Sections 4.4, 10.5, 10.6 and 11.5 of the LLC Agreement) of any liability with respect to such Properties, including, without limitation, Continuing Obligations, Environmental Liabilities and Environmental Compliance, whether accruing before or after such abandonment, arising from activities before out Operations conducted after the Effective Date and from Operations conducted before prior to the date of such abandonment, regardless of when any funds may be expended to satisfy such liability.